Not everyone is cut out to own a business. The hard work and stress involved are what make many people keep off the path.
What are the Characteristics of a Successful Entrepreneur? Here is the list of 10 Characteristics of Successful Entrepreneurs:
- Social skills
- Open mindedness to failure, people, learning
It, therefore, takes a person cut from a special kind of cloth to be an entrepreneur. To be able to formulate an idea and put it into action. Interestingly, not all ideas work.
The Bureau of Labor Statistics discovered that 50 percent of small businesses usually fail in the first four years. This, I bet, doesn’t encourage you to quit your job just yet and pursue entrepreneurship.
However, entrepreneurs are not fazed by the risk they face: they are motivated by the reward. They put in the time and effort to see that their dream becomes a reality.
Characteristics of Successful Entrepreneurs
If you want to become a successful entrepreneur, there’s the need for the right attitude and personality. Here are ten characteristics of successful entrepreneurs:
Businesses are birthed from ideas. Unique businesses are products of creativity because creativity paves way to something new. Creativity is the mother of innovation.
Successful entrepreneurs have the ability to come up with lots of ideas and put them to practice. Some of them might not work out. However, the experience equips their future decisions.
Furthermore, creativity comes in handy when seeking new ways to solve problems at hand. It helps them come up with solutions that are unique.
Finally, creativity helps entrepreneurs come up with new products for markets related to the ones they are currently in.
Risk-taking is a must-have characteristic of a successful entrepreneur. Without the desire to delve into the unknown, one cannot develop something unique. It is this uniqueness that oftentimes makes all the difference.
Risk-taking is a combination of a number of things. Employing unorthodox methods is a risk. Adopting ideas that nobody has faith in is also a risk.
Entrepreneurs have a special view of risks. Successful entrepreneurs are quick to invest their money and time. However, they have a fallback for any risk they undertake.
In order to take the path less traveled, one must have a trump card- successful entrepreneurs have one always. Plus, they don’t pursue risks blindly.
They first evaluate the risks and determine if they are essential. Without knowledge of the outcomes, a successful entrepreneur wouldn’t dare risk.
Running your business can be tough, discouraging too. There’s the need for a motivating factor to get you through the rough seas. Successful entrepreneurs are driven by passion. Their work is their passion.
When they work, they find pleasure in what they do, and are often highly motivated. Passion acts as their engine, which motivates them to aim for better.
Passion also gives entrepreneurs the juice to put in more hours in the office, which pay off later on.
The early stages of any entrepreneurial venture are marred by difficulties, but passion ensures that entrepreneurs are able to get over these hurdles and march on towards their goal.
This is pretty much the most important characteristic of a successful entrepreneur. Without planning, chances of succeeding would be very slim. Like they say,”If you fail to plan, you plan to fail.”
Planning is plotting out the game before time. A plan accounts for all the resources at hand and allows the entrepreneur to devise a structure plus a thought process to aid in reaching their goal.
Planning also helps them know how to make the most use of their resources. Plus, a plan helps face a crisis or a tough situation. It lays down guidelines that incur little to no damage to the business.
Knowledge is crucial to the success of a business. An entrepreneur ought to have complete knowledge of their niche or industry. Entrepreneurs leverage their knowledge to solve a difficulty and tackle a crisis.
Knowledge also helps entrepreneurs keep tabs on developments and ever-morphing requirements of the market that they are in. Be it a new market trend, advancement in technology or a new form of advertising, an entrepreneur always seeks this knowledge to be a leading force.
Knowledge is paramount when entrepreneurs want to get ahead of the pack. New information always proves useful when devising new strategies.
Knowledge also helps entrepreneurs know their strengths and weaknesses, and in that case, work on them to ensure that their organization is healthy.
Successful entrepreneurs are always on the quest to increase their knowledge, which is why they are always learning. The more entrepreneurs are aware of their playground, the easier it is for them to play in it.
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6. Social skills
A skillset is a set of tools that successful entrepreneurs leverage to make their businesses work. Social skills are just as cardinal for success. As a whole, these are the main qualities that entrepreneurs need to function.
Some of the crucial social skills include relationship building skills, hiring and talent sourcing, team strategy formulation, among others.
Additionally, another important skill is persuasiveness. Successful entrepreneurs understand the workings of their business and know how to talk to others about it. This is because they need to convince them to be invested in their idea.
7. Open mindedness to failure, people, learning
Successful entrepreneurs are accepting. Being able to realize which event or scenario is important for one’s business is crucial. In order to stumble upon these opportunities, one has to have an open-minded attitude.
Additionally, open-mindedness breeds determination. Successful entrepreneurs view their losses with a positive outlook and their wins with humility. They know not to be dejected when faced by defeat.
They try until they succeed which is the ideal mentality. They know that failure is just a miscalculation of their plan. Successful entrepreneurs take this experience in stride and work even harder on the next goal in line.
This experience is gained through accepted learning. Successful entrepreneurs know there’s something to learn from all situations and people around them. Information gleaned can be used for future planning.
Learning coupled with an open mind allows entrepreneurs to look at their faults humbly. The flow of new information makes entrepreneurs question their current decisions. It also gives them a new perspective of a certain aspect of their business.
Finally, open-mindedness enables successful entrepreneurs to know what their competitors are doing and to learn from them.
This is a quality that is greatly deficient in the world nowadays. Empathy or high emotional intelligence is being aware of what is going on in a person’s mind.
Successful entrepreneurs are able to tell every employee’s strengths and weaknesses who works for them. This information is very important as these are the people that make or break the business. Successful entrepreneurs deploy empathy on their people.
Successful entrepreneurs are called to make their working environments conducive for people to work in. Employees should look forward to coming to the workplace. To achieve this, the entrepreneur should attempt to understand the employee’s situation.
How can they motivate them? How can they derive the best from their employees? All this information is sourced through empathy.
Successful entrepreneurs are self-disciplined. They discipline themselves to do what they should do, regardless of whether they feel like it or not, and this virtually guarantees their success.
Self-discipline demands self-mastery, self-responsibility, self-direction, and self-control.
What sets apart successful entrepreneurs from others is that they ritualize doing the things that others don’t fancy doing. This doesn’t mean that successful entrepreneurs derive joy from these activities. Instead, they realize that if they are to succeed, they will have to pay the price.
This is perhaps the most respected and valued quality you can have as an entrepreneur. This is because most successful entrepreneurs have a reputation for thorough integrity. They are completely honest in all that they do, in every activity and transaction.
They don’t compromise on their integrity. In business, your word is a bond and your honor is everything. Successful business transactions are based on trust.
Furthermore, success in entrepreneurship is determined mainly by the number of important players that trust you, are willing to source for your services, give you credit, loan you money, purchase your services and products, and aid you in difficult times.
Contrary to popular belief, entrepreneurs are not only born, they can also be made.
Success in entrepreneurship is a combination of a number of skills and traits. Some such as self-discipline and passion affect how long an entrepreneur keeps at their course. Others like social skills and persuasiveness affect how they interact with their employees and prospective clients.
Those are the ten characteristics of successful entrepreneurs. Of course, these skills can be learned and perfected along the way. They can also be instilled in a person through practice. Those traits may not necessarily ensure success in business. Then again, it’s not every entrepreneurial venture that ends in success. However, a brilliant idea coupled with the above skills should lead to some success.